Will red tape hit Angel Investing in the US of A ?

I read with a sense of Deja Vu' this morning, the post in a few VC sites about the new "Dodd's Bill". I think this is going to impact the angel / incubation business very adversely in the Valley. While we folks in India are used to working with similar set of restrictions and have gotten used to this - not sure if the valley can support such levels of compliance. In short, we are going to say "goodbye" to back-of-the-napkin deals & termsheets.

There are 3 specific clauses to the bill :
     The bill would require startups raising funding to register with the Securities and Exchange Commission, and then wait 120 days for the SEC to review their filing.
     The bill raises the wealth requirements for an “accredited investor” who can invest in startups — if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000).
      The bill removes advantage of federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.